June 8, 2018

IronFX, Daily Report: G7 meeting could be confrontational & Brexit movement

Check out today’s market highlights!

This article is originally referred from IronFX News.

G7 meeting could be confrontational

  • Leaders of the G7 are to meet in Canada today and tomorrow and confrontations may arise due to the US intentions to set tariffs on steel and aluminum.
  • Media reports state that the leaders of the other 6 countries will set pressure on US president Trump about the issue.
  • On the other side president Trump shows no signs of backing down, while on the contrary he added further spice to the feud as he accused France and Canada for imposing retaliatory tariffs on US goods.
  • Depending on the outcome of the meeting, we could see the USD strengthening against it’s major counterparts.

Theresa May appeases temporarily her ministers

  • On other headlines, Theresa May seems to have pacified at least temporarily her ministers, especially Brexit minister Davis.
  • Agreement seems to have been reached, as a rather vague notion of a deadline for the UK to leave the EU customs union has been added to May’s proposals for the EU.
  • The agreement raised some eyebrows in the Brexiteers camp as it is not the clear cut-off point they were asking for, while on the other hand it left the EU officials unimpressed.
  • Should there be any further negative headlines about Brexit we could see the pound weakening.

Today’s other economic highlights

  1. Germany: Industrial Output for April, Survey: +0.3% mom Prior: +0.1% mom, 06:00 (GMT), could support EUR
  2. Canada: House starts (Annualized) for May, Survey: 218k Prior: 214.4k, 12:15 (GMT), could support CAD
  3. Canada: Employment Change for May, Survey: 17.5k Prior: -1.1k, 12:30 (GMT), could support CAD
  4. Canada: Unemployment Rate for May, Survey: 5.8% Prior: 5.8% , 12:30 (GMT), could support CAD
  5. Speakers: ECB’s Yves Mersch speaks (08:15, GMT)

IronFX Daily Report ‘June 8th’

Original Source: IronFX News

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